Question - Edwards company contracted on 4/1/2012 to construct a building for $2,300,000. The project was completed in 2014.
Additional data follow:
2012 2013 2014
Costs incurred to date 560,000 1,350,000 1,900,000
Estimated cost to complete 1,040,000 450,000 ----
Billings to date 500,000 1,800,000 2,300,000
Collections to date 400,000 1,300,000 2,200,000
Calculate the income recognized by Edwards under the percentage-of-completion method of accounting in each of the years 2012, 2013, 2014.